Square Inc SQ and Twitter Inc TWTR CEO Jack Dorsey’s first-ever tweet, put on auction as a non-fungible token, has garnered a leading bid of $2.5 million at the end of the stipulated deadline.
What Happened: The leading bid of 1630.58 Ethereum ETH/USD was made by Bridge Oracle CEO Sina Estavi. ETH traded 0.3% higher at $1,789.68 at press time.
The second-largest bid came from Justin Sun, the founder of Tron TRON/USD and current CEO of Rainberry, Inc. Sun and Estavi were engaged in a war of bids that saw the price rise from $363,000 to $2.5 million.
Dorsey said earlier that he intends to convert all the proceeds of the auction to Bitcoin BTC/USD and send the funds to Give Directly’s Africa Response, which provides cash assistance to families living in extreme poverty in Kenya, Rwanda, Liberia, and Malawai.
The entrepreneur said he would be accepting bids until March 21.
BTC traded 0.81% higher at $57,744.55.
See also: What is a Non-Fungible Token (NFT)?
Why It Matters: Dorsey’s first Twitter post was made in March 2006 and it received bids as high as $88,888.88 within minutes of the executive tweeting about the auction earlier this month.
Sun had also participated in a Christie’s auction where Beeple sold his artwork dubbed “The First 5000 Days” but he was outbid by another buyer in the last 20 seconds by $250,000.
Beeple revealed Sunday that the successful bidder was a person from Singapore who paid $69 million for the art. The artist said NFT art is “absolutely” in a bubble.
Price Action: Square shares closed nearly 0.2% higher at $224.84 on Friday and fell 0.15% in the after-hours session. On the same day, Twitter shares closed almost 0.7% lower at $66.23 and fell 0.12% in the after-hours session.
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